CHATTANOOGA, Tenn. (AP) — CHATTANOOGA, Tenn. (AP) — Astec Industries Inc. (ASTE) on Wednesday reported a loss of $1 million in its fourth quarter.
The Chattanooga, Tennessee-based company said it had a loss of 4 cents per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The maker of equipment for building, paving and mining posted revenue of $349.9 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $312 million.
For the year, the company reported a loss of $100,000, swinging to a loss in the period. Revenue was reported as $1.27 billion.
Astec Industries shares have risen 11% since the beginning of the year. The stock has declined almost 10% in the last 12 months.
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